TY - JOUR
T1 - Retirement goal clarity, needs estimation, and saving amount
T2 - Evidence from Hong Kong, China
AU - ZHU, Alex Yue Feng
AU - CHOU, Kee Lee
PY - 2018
Y1 - 2018
N2 - This study investigated the relationship between retirement saving needs estimation and the amount of self-reported private retirement savings amassed by working-age adults in Hong Kong, China, by focusing on the mediating role of retirement saving needs estimation between retirement goal clarity and the amount of private retirement savings. Based on the data collected from a phone survey of 958 Hong Kong workers aged 25–64 years, we found that the retirement saving needs estimation was associated with the savings of individuals over 44 years old; furthermore, it mediated the association between retirement goal clarity and self-reported private retirement savings. The findings offer theoretical contributions for financial planning conceptual frameworks and provide policy implications.
AB - This study investigated the relationship between retirement saving needs estimation and the amount of self-reported private retirement savings amassed by working-age adults in Hong Kong, China, by focusing on the mediating role of retirement saving needs estimation between retirement goal clarity and the amount of private retirement savings. Based on the data collected from a phone survey of 958 Hong Kong workers aged 25–64 years, we found that the retirement saving needs estimation was associated with the savings of individuals over 44 years old; furthermore, it mediated the association between retirement goal clarity and self-reported private retirement savings. The findings offer theoretical contributions for financial planning conceptual frameworks and provide policy implications.
KW - Financial planning
KW - Private retirement savings
KW - Retirement goal clarity
KW - Saving needs estimation
KW - Working-age adults
UR - http://www.scopus.com/inward/record.url?scp=85064460306&partnerID=8YFLogxK
U2 - 10.1891/1052-3073.29.2.328
DO - 10.1891/1052-3073.29.2.328
M3 - Journal Article (refereed)
AN - SCOPUS:85064460306
SN - 1052-3073
VL - 29
SP - 328
EP - 342
JO - Journal of Financial Counseling and Planning
JF - Journal of Financial Counseling and Planning
IS - 2
ER -